RSA Insurance Ireland made a pre-tax profit of almost €44.5 million in 2012, more than six times the figure recorded in the previous year.
The insurance firm wrote premiums worth almost €498.6 million during the year – slightly higher than in 2011- while provisions for unearned income fell from €26.5 million to €1.3 million.
Meanwhile more than €50 million was provisioned for claims, compared to €5.2 million in 2011.
In a note accompanying the accounts, the company acknowledges recently identified issues in the Irish division.
It says that they were under investigation at the time of filing and any findings that "have a material impact on the company's financial position" would be addressed at the earliest opportunity.
Earlier this month RSA Ireland’s parent company suspended its CEO, CFO and claims director after issues were identified during a routine audit.
It said that Philip Smith, Rory O'Connor and Peter Burke would be suspended pending the outcome of an investigation, which is due to look into at least the past two years of the business’ operations.
A €100 million capital injection was also made into the business to "ensure its solvency ratio is comfortably in excess of 200%".
